ME443 ENG. ECONOMY & PRODUCTION MANAGEMENT
| Course Code: | 5690443 |
| METU Credit (Theoretical-Laboratory hours/week): | 3 (3.00 - 0.00) |
| ECTS Credit: | 5.0 |
| Department: | Mechanical Engineering |
| Language of Instruction: | English |
| Level of Study: | Undergraduate |
| Course Coordinator: | Prof.Dr. MUSTAFA İLHAN GÖKLER |
| Offered Semester: | Fall and Spring Semesters. |
Course Objectives
Course Objectives : At the end of this course, the student will
- learn how to evaluate the economic performance of engineering projects using the time value of money,
- learn basic cost terminology and concepts and the way they are used in engineering economic analysis and decision making,
- be able to generate and evaluate mutually exclusive alternatives for investment decision from a list of feasible project proposals,
- be able to learn the effect of depreciation and income tax considerations in investment decisions,
- learn how to evaluate public projects,
- learn break-even and sensitivity analysis methods and how to apply them in decision-making process,
- learn how to make decision for replacing an existing asset with a new one among the available ones,
- learn how inflation will effect the economic evaluation of investment projects.
Course Content
Introduction and present economy studies. Cost concepts. Time value of money and equivalence. Comparison of investment alternatives. Replacement analysis. Depreciation and after-tax analysis. Sensitivity analysis. Evaluation of public projects. Linear programming. Large scale project planning.
Course Learning Outcomes
1. Ability to calculate the time value of money.
2. Ability to compare investment alternatives.
3. Ability to identify cost concept.
4. Ability to find optimal solutions for linear problems.
5. Ability to calculate the total project time and identify inter-relationship of the activities comprising the project.
Program Outcomes Matrix
| Contribution | |||||
| # | Program Outcomes | No | Yes | ||
| 1 | Ability to establish the relationship between mathematics, basic sciences and engineering sciences with engineering applications. | ✔ | |||
| 2 | Ability to find and interpret information | ✔ | |||
| 3 | Ability to follow the literature and technology related to his/her topic of interest | ✔ | |||
| 4 | Recognition of the need to keep oneself up to date in his/her profession | ✔ | |||
| 5 | Possession of written and oral communication skills | ✔ | |||
| 6 | Ability to conduct team work (within the discipline, inter-disciplinary, multi-disciplinary) | ✔ | |||
| 7 | Ability to produce original solutions | ✔ | |||
| 8 | Use of scientific methodology in approaching and producing solutions to engineering problems and needs | ✔ | |||
| 9 | Openness to all that is new | ✔ | |||
| 10 | Ability to conduct experiments | ✔ | |||
| 11 | Ability to do engineering design | ✔ | |||
| 12 | Awareness of engineering ethics, knowledge and adoption of its fundamental elements | ✔ | |||
| 13 | Ability to take societal, environmental and economical considerations into account in professional activities | ✔ | |||
| 14 | Possession of pioneering and leadership characteristics in areas related to the profession | ✔ | |||